Parliament's BEIS committee will hear from ARM Holdings on 22 November (Source: Getty)

Mark Sands

Bank of England deputy governor Sir Charlie Bean has raised concerns over Theresa May's desire to intervene in the UK's economy, just days before MPs grill the British firm at the heart of a £24bn foreign takeover backed by the Prime Minister.

Bean, who served as deputy governor from 2008 to 2014, told City A.M. that he held concerns about the return of the government picking winners in the aftermath of the creation of a new Business, Energy and Industrial Strategy department.

"Until we actually see what is envisaged, we can't take a view on how effective it might turn out to be. The government has made the right noises about it not being a return to 70's style industrial policy that was about 'picking winners' but turned out to be more like supporting losers!" Bean said.

"However, there will be plenty of pressures to support industries or firms suffering from foreign competition and in marginal constituencies. I guess we just have to wait for more information on the strategy."

Institute of Directors director general Simon Walker, Arm Holdings public affairs vice president Stephen Pattison and Airbus UK president Paul Khan will be among those facing questions on Tuesday morning.

The attendance of Cambridge-based Arm, in particular, is noteworthy because of its recent £24.3bn takeover by Japanese Softbank.